HONG KONG-A wealthy local has purchased a prestigious property on Barker Road, currently occupied by a five-story apartment building, for $231 million. Martin Lee, the son of the owner of the locally-based Henderson Land Development Co., purchased the property at auction from a private buyer. He is a vice president in the company.

Officials with Jones Lang LaSalle said the multifamily site on what’s known as the Peak is one of the last available on popular Baker Road, where prominent citizens have established homes. What helped set the price high, the officials said, was the hard control now taken by the government over new development to try to avoid a real estate bubble. “We expect that the luxury residential market will remain positive,” said Joseph Tsang, JLL’s international director and head of capital markets for Hong Kong, in a statement.

He said that the leases at the apartment complex will be up this year. It is the last available spot for new development on the street, Tsang said in a statement.

Lee reportedly has said he will tear down the apartments for new villa housing for family members. He was one of three bidders for the site, which was sold through public auction. Bids started at $198.6 million, Tsang said.